Jan 27 (Reuters) – Caterpillar Inc posted a
stronger-than-expected quarterly profit on Monday as cost cuts
and an uptick in demand for its building equipment offset
continued weak sales to the mining industry.
The results, together with a better-than-estimated
preliminary profit forecast for 2014 and a new $10 billion share
repurchase plan, sent Caterpillar’s stock up as much as 7
percent in early trading on the New York Stock Exchange.
(Reuters) – Keeping your word is hard, and people simply hate it when you don’t, something that central bankers enamored of the vogue for “forward guidance” may soon learn.
The Federal Reserve put forward guidance – essentially a pledge or promise to keep policy within certain parameters for a set period of time or given certain conditions being met – at the center of its strategy for keeping control over market interest rates while withdrawing from bond buying. In announcing a $10 billion per month taper, or reduction in bond buying last week, the Fed sweetened the medicine by hardening forward guidance to indicate that rates could remain near zero “well beyond” the time unemployment drops below 6.5 percent so long as inflation remains below a 2 percent target.
CHICAGO/NEW YORK (Reuters) – It’s official: 2013 will be the second-biggest year in history for U.S. corporate share repurchases, though the “shareholder friendly” moves are beginning to give some economists and investors the jitters.
Just this week, 3M (MMM.N: Quote, Profile, Research, Stock Buzz) and Boeing (BA.N: Quote, Profile, Research, Stock Buzz) alone authorized as much as $32 billion in repurchases, jumping on a bandwagon that has already attracted nearly 500 U.S. companies, including industry leaders like Microsoft Corp. (MSFT.O: Quote, Profile, Research, Stock Buzz), General Electric Co. (GE.N: Quote, Profile, Research, Stock Buzz) and Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research, Stock Buzz).
Dec 19 (Reuters) – Winnebago Industries Inc, the No.
1 U.S. motor home maker, reported a 51 percent jump in quarterly
profit on Thursday as strong demand for its new line of
lower-priced recreational vehicles prompted dealers to increase
But the company’s shares, which have more than doubled in
value over the past year, tumbled as much as 13 percent, pulled
down by softer-than-expected sales.
CHICAGO, Dec 13 (Reuters) – Don’t believe the gassy hype.
The United States may be floating on an ocean of cheap,
domestically sourced natural gas. But its transportation sector
is more reliant on diesel fuel – and is using less natural gas -
than it was in the 1960s and 1970s. And industry executives say
regulatory and logistical challenges and uncertainties make it
unlikely the picture will change anytime soon.
That may come as a surprise to many investors. Over the past
decade, energy companies using hydraulic fracturing and
horizontal drilling have unlocked huge gas deposits trapped in
rock thousands of feet underneath the United States.
CHICAGO (Reuters) – U.S. manufacturers are pumping money into domestic operations again, according to government figures. But their outlay on machines, plants and other long-term investments has not returned to pre-recession levels and has failed to translate into a significant rebound in industrial jobs.
The figures on so-called “capex” spending from the U.S. Commerce Department’s Bureau of Economic Analysis offer a glimpse of the investment priorities of a sector that some argue is poised for growth after decades of contraction.
CHICAGO (Reuters) – Deere & Co (DE.N: Quote, Profile, Research, Stock Buzz) offered an unexpectedly upbeat forecast for 2014 on Wednesday, saying sales of construction and forestry equipment should offset an anticipated slowdown in demand for agricultural machinery.
Shares in the world’s largest maker of tractors and harvesters rose nearly 4 percent in premarket trading as the company also reported higher-than-expected fourth-quarter results.
CHICAGO (Reuters) – A fast-moving storm system triggered multiple tornadoes in Illinois and Indiana on Sunday, killing at least two people, injuring about 40 and flattening large parts of the city of Washington, Illinois as it crashed across the Midwest, officials said.
The storm created tornadoes in Bone Gap and Miller City, Illinois, in Mount Carmel, Noblesville and Vincennes in Indiana, and in Paducah, Kentucky, the National Weather Service said.
CHICAGO (Reuters) – A fast-moving storm system that produced at least one tornado in Illinois threatened some 53 million people across 10 Midwestern states on Sunday, U.S. weather officials said.
“A confirmed large and extremely dangerous tornado” was spotted near Washington, Illinois, located about 145 miles southwest of Chicago, the National Weather Service said.
CHICAGO (Reuters) – Caterpillar Inc (CAT.N: Quote, Profile, Research, Stock Buzz) said on Friday that it will close another plant and lay off 240 additional workers as it continues to respond to a sharp drop in demand for its earth-moving products from customers in the mining industry.
The planned shutdown of the Pulaski, Va. facility, which makes coal haulers and other equipment, is expected to be completed by mid-2014. It is the latest in a series of such closures announced by the Peoria, Ill-based heavy equipment maker.